In 2022, the electric truck market registered a sale of 86,799 units, which will witness a 38.2% CAGR to reach 1,154,996 units by 2030, as per a report by a market research firm, PS Intelligence.

Conventional gasoline-based trucks are costly to maintain and operate in comparison to e-trucks. Unlike gasoline- ones, e-trucks do not need oil changes, spark plug replacements, fuel filters, and emission checks, which ultimately save lots of money. As these trucks need low maintenance than conventional trucks, the truck uptime for the former surges considerably, which can be very beneficial for fleet owners.

The BEV category is all set to develop with a higher CAGR, of approximately 40% in the next few years. This can be ascribed to the increasing government aid in the form of economic subsidies for buying and developing these vehicles, and enhancements in technology. Government subsidies for these vehicles have been declared in some countries, with plans and arrangements for helping associated freight equipment and infrastructure.

Commercial vehicles are a vital part of the transport sector. To reduce carbon emissions from gasoline-based trucks utilized by fleet workers, the governments of several countries have declared a ban on the usage of diesel-based vehicles. This ban will be effective as early as 2030.

Governments throughout the globe have initiated financial subsidies for buying these trucks in order to further fuel the acceptance of e-trucks. For example, in June 2018, BMVI of Germany publicized a funding strategy for fuel cell-powered and battery-powered models used for goods transport.

In these e-trucks, the battery pack is the prime component and held a significant share of the total price, and substantially affects the selling price of the vehicle. These packs in electric vehicles contain electrochemical cells within the casing and are combined with management systems.

In 2022, APAC had a significant revenue share in the electric truck market, in which China is the biggest utilizer. The requirement for vehicles in the country is majorly boosted by supportive government initiatives, municipal air quality targets, and national alternative-fuel-vehicle replacement sales targets.

The electric truck industry in other regions is still growing and highly hinge on the strategies of the government. The reasonably higher upfront prices, undersized value chains, and existence of few OEMs have restricted sales in these regions. Still, the producers are profoundly investing in the growth of electric trucks, which will drive market growth in the future.

Hence, because of the high maintenance of gasoline trucks in comparison to e-trucks, and the reducing battery prices, the requirement for electric trucks will grow considerably in the future.